IRAS acts as agent of the government to assess, collect and enforce payment of taxes. In connection with such functions, IRAS is responsible for administering the following Acts:
- Income Tax Act;
- Economic Expansion Incentives (Relief from Income Tax) Act;
- Property Tax Act;
- Goods & Services Tax Act;
- Betting & Sweepstake Duties Act;
- Private Lotteries Act;
- Stamp Duties Act;
- Casino Control Act – Part IX (Casino Tax); and
- Estate Duty Act
IRAS' Total Tax Collection
IRAS' tax collection for FY2011/12 is $38.4 billion. This accounts for 75.3% of the total government operating revenue (GOR). The total GOR for FY2011/12 is $51.1 billion.
Collection by Tax Type
The following pie chart gives a breakdown of the total tax collection by tax type for FY 2011/12. Corporate Tax is the largest source of tax revenue, contributing a total of $12.1 billion. The next largest contributor is Goods and Services Tax, at $8.7 billion. Individual Income Tax contributed $6.9 billion, followed by Property Tax at $3.9 billion.
As the main tax administrator for the Ministry of Finance, IRAS plays a role in tax policy formulation by providing policy inputs, as well as the technical and administrative implications of each policy. IRAS also actively monitors developments in external economic and tax environment to identify areas for policy review and changes aimed at fostering a competitive tax environment that encourages enterprise and growth.
IRAS also administers the Appraisers & House Agents Act. It grants licences and permits for appraisers and housing agents.
The other non-revenue functions performed by IRAS include representing the government in tax treaty negotiations, providing advice on property valuation and drafting of tax legislation.